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The EU plans to promote unified regulation of all encryption activities within the region by ESMA.

According to Foresight News and Bloomberg, the European Commission plans to empower the European Securities and Markets Authority (ESMA) to conduct unified regulation of all encryption asset service providers operating in the EU and to be responsible for authorization. The draft indicates that ESMA may delegate tasks to national regulatory authorities when necessary. These draft plans must also be approved by the European Parliament and the Council of Member States. Currently, encryption asset service providers only need approval in any member state to operate throughout the EU under the 2023 MiCA rules.

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